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The Legal Services Board has knocked back the SRA’s plans to reduce the minimum level of professional indemnity insurance required for the 2014 – 2015 indemnity year. The proposals remain under consideration but this poorly thought out and rushed aspect of the SRA’s agenda of regulatory reform remains under almost unanimous stakeholder criticism. See some of the latest legal press coverage here:
http://www.legalfutures.co.uk/latest-news/lsb-praised-scuppering-indemnity-cover-cut
http://www.legalfutures.co.uk/latest-news/sra-abandons-indemnity-cover-cut-lsb-issues-warning-notice
http://www.lawgazette.co.uk/law/sra-concedes-defeat-on-pii-change-this-year/5042623.article
Ian Braithwaite Client Relationship Manager
T: 0845 056 3949 M: 0743 727 4046 E: ian.braithwaite@lbslegal.co.uk
Latest News
The Law Society has issued a practice note about the risks to solicitors posed by this new legislation, which came into force on 30 September.
The SRA has urged all practices to check HM Treasury’s consolidated list of asset freeze targets, which lists designated persons subject to financial sanction under EU or UK legislation.
The practising certificate renewal period opened on Monday 2 October.
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